Published: June 13, 2023 |

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Argonaut Private Equity, a Tulsa, OK-based private equity fund, has acquired Center Rock Inc., a Berlin, Pennsylvania-based provider of drilling tools and rigs serving the construction, mining, utility, and energy industries.

The private equity group’s low-leverage approach reinforces the partnership’s potential to build on Center Rock’s foundation as a premier manufacturer of tools that drill through overburden and bedrock.

“Argonaut is very excited to partner with an exceptional and proven management team who is going to lead this company’s growth to the next level,” said Steve Mitchell, Argonaut CEO and managing director.

As is common with Argonaut partnerships, the Center Rock leadership team will remain in place — supported by Argonaut to expand its market-leading equipment into new industries and countries.

“Challenge us! We thrive on challenges. You’d be surprised how rapidly we can respond when it comes to designing, manufacturing, and delivering quality down-the-hole hammers, bits, and other specialty drilling products,” said Dave Pietrzykowski, Center Rock president and CEO.

Partnering with Argonaut will give Center Rock opportunities to further expand its product offerings into other industries and parts of the world, Pietrzykowski said. For customers, he said, that means two things:
• Existing customers can remain confident in Center Rock’s rock-solid product offerings and high level of
  customer service.
• New customers can engage Center Rock to develop innovative solutions to “make rock disappear.”

Center Rock designs, manufactures, distributes, and services a best-in-class line of downhole rock drilling tools and accessories. Its market-leading products increase efficiency and production for a variety of construction applications, waterwell and geothermal borehole drilling, blastholes for mining & quarry, utility infrastructure projects, and underbalanced natural gas drilling. That includes down-the-hole (DTH) hammers and bits from 3.5” - 48” (89-1219mm) diameter, as well as casing advancing overburden drilling systems. Center Rock is the leading global manufacturer/supplier of canister drills. The CRI LP Drill may be used in many drilling applications including construction, mining, utility, and horizontal-directional drilling. Coupled with outstanding service, Center Rock is a one-stop rock drilling shop capable of supplying the tools for any rock drilling requirement.

Center Rock is also the Eastern U.S. and Canadian distributor for Hütte Drilling Equipment, hydraulic drilling rigs for micropiles and ground anchors for the enhancement of existing foundations, construction of new foundations, ground stabilization, and soil investigation.

Founded in 2002, Argonaut Private Equity is a Tulsa, Oklahoma-based private equity firm with more than $2 billion of capital deployed in direct investments across the manufacturing and industrials sectors. Argonaut partners with companies to develop a strategy for accelerating growth and enhancing operations.

Center Rock provides innovative drilling solutions used in a broad range of applications across the globe. The company’s air-driven tools and products are designed, engineered and developed from two state-of-the-art manufacturing facilities in Berlin, Pennsylvania. Center Rock creates custom tools to address complex applications and to meet customer specifications for its geotechnical and exploration drilling partners.

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